Bitcoin Trapped Between 50 and 100 Day MA
Βitcoin – BTCUSD is trapped between the 50 and 100-day moving average for the last two weeks. As of writing BTCUSD gives up 0.53% at 10,125 with capitalization now over 181.6 billion while the market capitalization of the top 100 cryptocurrencies stands above 263.6 billion, today’s BTC volume is 13.6B.
The BTCUSD technical analysis picture is neutral, the last trading sessions BTC finds strong support at 100 day moving average around the 10,000 mark. Immediate support for bitcoin stands at 9,514 the low from August 15th and then at the established strong support at 9,250 zone. On the upside, strong resistance now stands at 10,215 today’s high, while I expect extra pressure from sellers at 10,800 the high from August 21st. Bulls will add to long positions if BTC breaks above the high (10,215), the take profit target must be set at 11,000 while a protective stop might be placed at 10,000. Bears can take a bet and enter a short position if BTC closes below 10,000 the 100-day moving average; Shorts can target the strong support zone at 9,250, while a stop-loss order could be placed at 10,250.